The big challenges of marketers that data can solve

Data is a key factor in analyzing consumer
behavior and data driving marketing strategy decisions. Marketers can learn a lot
from the huge amounts of data available and help create a better customer
experience and drive customer acquisition. But that’s self-evident. Let’s look
at the specific challenges in the marketing world that can be solved by
leveraging data properly.

For instance, one of the major challenges
is that the detailed reporting of the actionable items that are directly
related to business problems is not 100% efficient. Marketers are dependent on their
suppliers for better forecasting and recommendations that speak clearly to them
and the business stakeholders. Being able to develop a behavior model based on
the data available could prove to be more useful for marketers. Thiswill allow
them to work on consumer feedback and enhance customer experiences.

Another perennial problem is not being able
to generate enough leads and traffic. This happens due to challenges in reaching
and engaging the target audience or not knowing the target audiences.An
analysis of the data available could help in identifying how and where to engage
the target audiences to drive upleadgen.
That apart, problems like strategy implementation, finding the right
KPIs, bringing all means of marketing together, etc., present opportunities for
being solved with data.

Let’s look at some of the challenges of marketers
that can be solved using data driven marketing.

2. Growing Competition- The attention economy is not
growing.Marketers need to grab their share of attention fromanother brand. This
can be achieved by personalization of messages and targeted content marketing.
That, in turn,can be driven by analyzing the data on consumer needs and how
consumers respond to different types of content marketing.

3. Identifying the buying persona- Customers expect personalized experiences.
Data is the key to delivering this. Customer records will reveal accurate,
relevant, new details of the consumers when put to the Analytics test. This
process will help marketers better define buyer personas and create experiences
that matter to them.

4. The trend of product performance in
the market – In
the traditional marketing world, the product performance was analyzed based on
the suppliers’ feedback and the sales stats of that product. In the modern
world, marketers can use consumer behavioral data, social media information,
supply chain analytics, and surveysand customer feedback.Marrying that with
previous performance data and history can deliver near-real-time insights into
how the product is faring in the market. This can drive greater agility in the
response to market conditions, especially when a pivot is required.

5. Customer Sentiments Analysis and
Predicting Future Products-Sentiment
analysis using consumer data can predict the type of product features consumers
want.Sentiment analysis can also provide inputs into the design of future
products that satisfy customer expectations. The automotive industry relies on
such insights to design future cars. Walmart also uses sentiment analysis to
find out the experiences of customers in Walmart stores to curate future
experiences.

6. Using data keeps users from hanging up
calls – Telemarketers
can use the huge customer database for targeted tele-calling. Having relevant
information of customer allows them to personalize the call and increases the
chance of it getting converted to sales.

7. Customized Advertising and Offers-Data from various platforms
can be collated, analyzed, and refined to help predict the relevant customer
sets for various products. This can help to target and send customized
advertisements over personal channels like email and Whatsapp to the right
audience to drive more conversions.

8. Monitor and provide suitable social
media responses- Using
social media to monitor and respond to customer feedback is not an easy task.
It is as much about engagement with people as it is about responding to what
the community is saying about the brand.
Scraping the relevant data and responding to it appropriately will help drive
up customer satisfaction and engagement. This can be achieved by different
types of data analysis and modeling and triggering automated response, guided
workflows, and agent-led responses to help satisfy consumers.

9. Market awareness- Are you aware of your
competitors and the new products being launched in the market?Will analysing consumer
feedback and responses to various products tell you more about what trends are
likely to rule or, maybe, even disrupt the market? Data driven marketing can help you derive
those meaningful conclusions about the state of the market, your current
competitors, and likely future competitors too.
In conclusion, let’s just say that data can bring in a new era in the
marketing world. Marketing’s impact and efficiency are always under question.
With data in the marketer’s arsenal, that may no longer have to be the case.